Government Payments to Businesses Impacted by Covid

Employee Retention Tax Credit (ERC)

SWA has partnered with a leading national tax firm who specialize in Employee Retention Tax Credits. To date, the team has filed over 2,300 credits totaling over $210,000,000.

Picture of Marc Sheridan, President of Sheridan Wealth Advisiors

Marc Sheridan

President

Government Payments to Businesses Impacted by Covid

SWA has partnered with a leading national tax firm who specialize in Employee Retention Tax Credits. To date, the team has filed over 2,300 credits totaling over $210,000,000.

ERC was enacted by Congress as part of the CARES Act of March 2020. Subsequent COVID relief legislation expanded the program.

The amount of ERC available for business owners for 2020 is up to $5,000 per year, per full-time W2 employee. For 2021 it is up to $7,000 per quarter, per employee for quarters 1-3.

ERC is not a loan and does not have to be repaid.

Businesses that received PPP loans are also eligible for ERC. Qualification for ERC is based on either revenue losses in 2020 and 2021 and/or having been nominally impacted by Government Restrictions.

If in 2019, you had fewer than 500 full-time employees there are two ways your company can qualify for the ERC benefits.

  1. Revenue test: Had a 20% decrease in revenue in quarters one, two, and/or three of 2021 compared to the same quarter in 2019 and/or a 50% decrease in revenue in 2020 compared to 2019.​

  2. Government order test: Had a nominal decrease in revenue and/or a nominal impact on the way you were forced to operate your business due to federal, state, or local orders”.

Our experienced ERC team will prepare the complex Federal filings and do all the heavy lifting after getting financial information from the business. Payout is made 5-6 months after the filing is completed and comes directly to the business owner from the IRS.

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These Industries, In Particular, Have Experienced Particularly High Incidences of ERC Qualification Rates

  • Merchant Processors
  • Personal Injury and
    Litigation Law Firms
  • Auto Dealers
  • Small Colleges
  • Catering Companies
  • Hospitals
  • Nursing Homes
  • Restaurants
  • Hotels
  • Contractors
  • Spas
  • Dental Practices
  • Physician Practices
    (Elective Surgery, in particular)
  • Private Schools
  • Retail Businesses
  • Houses of Worship
  • Urgent Care Centers
  • Dry Cleaners
  • Manufacturers
  • Health Centers
  • Theaters
  • Not-for-Profits

ERC Comes as a Check from the US Treasury